The move coincided with fresh calls from those countries within the oil producing cartel that are heavily dependent on oil revenues for their budgets – most notably Iran, the organisation's perennial hawk – to cut output. Ecuador and Qatar also supported slashing production.
Even Saudi Arabia, the cartel's most powerful member, which initially opposed the 500,000 barrel a day cut announced last month and is close to the US, appears to be in agreement that the group needs to reduce its production.
The kingdom, which boosted its output by far more than any other Opec member when prices were high and supply was struggling to keep up with demand, has already cut some shipments, according to ship tracking data.
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